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June 3, 2019
Question

Is it better to file jointly or separate? My wife and I got married may last year and we got a house. Everything we own is only in my name

  • June 3, 2019
  • 3 replies
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I wasn't sure if it would be more beneficial to do it separate or jointly since everything is in my name

3 replies

Employee
June 3, 2019
Joint is almost always better. Which state do you live in ?
jaykyle09Author
June 3, 2019
Connecticut
Employee
June 3, 2019

If you were married at the end of 2017 your filing choices are married filing jointly or married filing separately.

Married Filing Jointly is usually better, even if one spouse had little or no income. When you file a joint return, you and your spouse will each receive the $4050 personal exemption, plus the married filing jointly standard deduction of $12,700 (add $1250 for each spouse over the age of 65).  You are eligible for more credits including education credits, earned income credit, child and dependent care credit, and a larger income limit to receive the child tax credit. 

If you choose to file married filing separately, both spouses have to file the same way—either you both itemize or you both use standard deduction. Your tax rate will be higher than on a joint return. Some of the special rules for filing separately include: you cannot get earned income credit, education credits, adoption credits, or deductions for student loan interest. A higher percent of your Social Security benefits may be taxable.  In many cases you will not be able to take the child and dependent care credit. The amount you can contribute to a retirement account will be affected. If you live in a community property state, you will be required to provide additional information regarding your spouse’s income. ( Community property states:  AZ, CA, ID, LA, NV, NM, TX, WA, WI) If  you are using online TurboTax to prepare your returns, you will need to prepare two separate returns and pay twice.


https://ttlc.intuit.com/questions/1894449-married-filing-jointly-vs-married-filing-separately

https://ttlc.intuit.com/questions/1901162-married-filing-separately-in-community-property-states

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
VolvoGirl
Employee
June 3, 2019
Did you both use Turbo Tax last year?

You can not transfer from or combine 2 returns or accounts.  Just pick the return for the spouse that has the most complicated return to enter or has any depreciation or business or  more investments.  Or use the account for whoever you want to be listed first going forward (by the way you can not change the order of the names).  Then add the other spouse's name, ssn and info to it.

You should usually  file a Joint return which is only 1 return combined for the both of you.  Make sure to stick with this one account for the future.  Just ignore the other spouse's account.

And info on Getting Married…..
<a rel="nofollow" target="_blank" href="http://turbotax.intuit.com/tax-tools/tax-tips/Family/Getting-Married/INF12006.html">http://turbotax.intuit.com/tax-tools/tax-tips/Family/Getting-Married/INF12006.html</a>